⚠ Borrow from your Roth IRA warning | FinTips 🤑

by | Aug 24, 2022 | Vanguard IRA | 12 comments

⚠ Borrow from your Roth IRA warning | FinTips 🤑




Borrowing from your Roth IRA does not work the same way as borrowing from a 401k and if you decide to “borrow” from the Roth IRA here is one warning you may want to consider.

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12 Comments

  1. Eric Juli

    Dustin, I was under the impression that you had something like 60 days to put money back into the ROTH without effecting your annual contribution. Am I misinformed?

  2. adam699

    What if it’s a Roth 401k?

  3. beBackLater

    "Penalties on Earnings from Contributions. Unless an exception applies, most distributions from a Roth IRA before the owner reaches age 59 1/2 will be subject to an "early withdrawal penalty" of 10% on the amount of the distribution.Mar 9, 2017"
    Am I misinformed? This is the first thing that comes up when I google it. Obviously from 2017. Did this change? Please debunk/confirm!

  4. Marlon M. dela Cruz

    very helpful. Thank you. Where did you get your electronic blackboard?

  5. Jose Pimentel

    Dustin. I imagine it works the same for a 401k? If you maxed out your IRA deducted contribution, would you still be able to make an indirect contribution ? If I remember correctly you did mention something like this in an earlier video.

  6. Jaron Pope

    wow I had no idea! Thank you Dustin – great education

  7. Movement Exotics

    Would you recommend a Roth IRA to save money for a home? I'm saving for a home but don't just want to let cash sit there

  8. JoBoX

    Thanks a lot, cleared up some questions I had

  9. keith sorlie

    Thanks, was wondering how that worked recently

  10. DemiRonin

    Wow this was a really good tip! Didn't know that once you take it out, you can't put it back in unless it counts towards your yearly allotment.
    QUESTION: what is that digital chalkboard you're using!? It looks so cool but I can't find it on google. What's it called?

  11. OnyxGoddess

    Is that Missy Elliott over a jazz beat?! That’s hot! Good info!

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